A consumer poll conducted in the United States by investment behemoth Deutsche Bank reveals “bullish” information into the crypt market.
The “Future of Cryptocurrencies” research from Deutsche Bank gives information on possibly optimistic cryptocurrency activity, which is an unlikely but welcome source of hope during crypto market concerns.
According to a poll critical of the report, traders and investors are unlikely to sell their crypto holdings in the event of a bear market.
According to Marion Laboure, a director of macro strategy at Deutsche Bank,
“It’s fascinating to see the cryptocurrencies’ extreme bullishness. Even in a severely negative crypto market, when prices are expected to plummet by 80%, less than half of investors believe they will reduce or liquidate their positions.”
In early December 2021, DB polled 3,250 US customers, 680 of whom used cryptocurrencies. The poll was designed to be representative of the United States census, with genders, ages, incomes, regions, and races or ethnicities all represented.
The findings are divided into three categories in the report: traders, investors, and transactors. The majority of people polled were investors, with 80% admitting to investing in cryptocurrency in the previous six months.
Despite the fact that the crypto market is severely negative, less than half of traders (around 35% of those polled) indicated they will reduce their trading. Furthermore, over 70% intend to boost (much or slightly) their cryptocurrency activities in the next six months.
Keep in mind that the survey was performed by Deutsche Bank in December, and while months in the crypto business might feel like years, the report concluded that “few few crypto bearish are engaged in the space.”
While volatility is unavoidable, Laboure believes cryptocurrencies have the potential to become the “21st-century digital gold.” Her boss agrees; in March of last year, Deutsche Bank stated that Bitcoin (BTC) is “too crucial to ignore.”
Finally, the poll found that “just a small fraction of investors believe that crypto is a golden ticket,” indicating that the get-rich-quick mentality is fading.
It’s possible, however, that traders simply switched to nonfungible tokens in 2021, where speculation and euphoria ruled supreme.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
